The document provides an analysis of the Union Budget of India for 2011. It includes sections on understanding the budget, the finance minister's speech, budget estimates, direct taxes, indirect taxes covering various sectors like agriculture, manufacturing, environment and infrastructure. It also discusses service tax and other proposals. The document aims to provide an overview of the key aspects of the Union Budget to internal stakeholders.
The document summarizes key aspects of India's proposed Direct Tax Code (DTC) which intends to replace the country's 50-year old Income Tax Act. Some key changes proposed in the DTC include removing most tax saving schemes, introducing a new EET system for taxing retirement savings instead of the current EEE system, modifying income tax slabs, and reducing the corporate tax rate from 34% to 30%. The DTC has faced criticism for potentially resulting in increased tax liability and litigation as well as not introducing significant simplifications to the tax system.
The Union Budget of India is presented each year on the last working day of February. It outlines the economic planning of the Government of India for the next year. Some key points from the budget include allocating Rs. 2,14,000 crores for infrastructure development, introducing tax reforms such as the Direct Taxes Code and Goods and Services Tax, providing subsidies for certain essential goods, and strengthening measures to curb black money and corruption. The budget also proposes certain amendments to direct tax laws related to charitable organizations, infrastructure funding, investment in science research, and transfer pricing regulations.
1. The document discusses key aspects of the government budget including revenue sources like taxes, expenditure categories like plans and non-plans, and fiscal indicators like fiscal deficit.
2. It explains concepts related to the budget like revenue receipts, capital receipts, revenue expenditure, capital expenditure, revenue deficit, and fiscal deficit.
3. The major sources of revenue for the government are taxes which include both direct and indirect taxes, while the major components of expenditure are plans, non-plans, interest payments, subsidies, and transfers to states.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
Union Budget 2009 Accretive Special CommuniqueVishnu Bagri
The document provides an overview and summary of key proposals from the Indian Union Budget for 2009. Some key points:
- No changes were made to corporate or personal income tax rates. MAT was increased to 15% from 10% for companies.
- Exemption limits for personal income tax and wealth tax were increased. Fringe benefits tax was abolished.
- GST is planned for implementation in April 2010 to integrate goods and services taxes.
- Key proposals focused on improving tax system efficiency and equity while continuing fiscal support for certain sectors.
The Direct Tax Code (DTC) will come into force on April 1, 2011 and replace the existing Income Tax Act and Wealth Tax Act with a single code. Some key changes include treating individuals as residents based on their status in India, taxing worldwide income of residents, classifying income into ordinary and special sources, and introducing EET taxation for permitted savings. The corporate tax rate is proposed to be a flat 25% and tax incentives are largely eliminated. Capital gains will no longer distinguish between short-term and long-term assets. Wealth tax for corporates is proposed to be abolished.
The document summarizes key aspects of India's proposed Direct Tax Code (DTC) which intends to replace the country's 50-year old Income Tax Act. Some key changes proposed in the DTC include removing most tax saving schemes, introducing a new EET system for taxing retirement savings instead of the current EEE system, modifying income tax slabs, and reducing the corporate tax rate from 34% to 30%. The DTC has faced criticism for potentially resulting in increased tax liability and litigation as well as not introducing significant simplifications to the tax system.
The Union Budget of India is presented each year on the last working day of February. It outlines the economic planning of the Government of India for the next year. Some key points from the budget include allocating Rs. 2,14,000 crores for infrastructure development, introducing tax reforms such as the Direct Taxes Code and Goods and Services Tax, providing subsidies for certain essential goods, and strengthening measures to curb black money and corruption. The budget also proposes certain amendments to direct tax laws related to charitable organizations, infrastructure funding, investment in science research, and transfer pricing regulations.
1. The document discusses key aspects of the government budget including revenue sources like taxes, expenditure categories like plans and non-plans, and fiscal indicators like fiscal deficit.
2. It explains concepts related to the budget like revenue receipts, capital receipts, revenue expenditure, capital expenditure, revenue deficit, and fiscal deficit.
3. The major sources of revenue for the government are taxes which include both direct and indirect taxes, while the major components of expenditure are plans, non-plans, interest payments, subsidies, and transfers to states.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
Union Budget 2009 Accretive Special CommuniqueVishnu Bagri
The document provides an overview and summary of key proposals from the Indian Union Budget for 2009. Some key points:
- No changes were made to corporate or personal income tax rates. MAT was increased to 15% from 10% for companies.
- Exemption limits for personal income tax and wealth tax were increased. Fringe benefits tax was abolished.
- GST is planned for implementation in April 2010 to integrate goods and services taxes.
- Key proposals focused on improving tax system efficiency and equity while continuing fiscal support for certain sectors.
The Direct Tax Code (DTC) will come into force on April 1, 2011 and replace the existing Income Tax Act and Wealth Tax Act with a single code. Some key changes include treating individuals as residents based on their status in India, taxing worldwide income of residents, classifying income into ordinary and special sources, and introducing EET taxation for permitted savings. The corporate tax rate is proposed to be a flat 25% and tax incentives are largely eliminated. Capital gains will no longer distinguish between short-term and long-term assets. Wealth tax for corporates is proposed to be abolished.
This document provides information on the fiscal policy of India. It discusses the different sources of government receipts including tax revenue, non-tax revenue, and capital receipts. It also discusses the different sources of government expenditure including revenue expenditure and capital expenditure. The document then provides details on the income and expenditure profile of the Indian government and state government of West Bengal for the years 2017-2019. It also discusses concepts related to fiscal policy including the budget, taxation, public expenditure, public debt, and types of taxes in India.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
The key points of the budget are:
1) The fiscal deficit is projected to be 5.2% of GDP for the current year and 4.8% for next year as the government pledges further fiscal consolidation.
2) No change in personal income tax slabs but a tax credit of Rs. 2000 is provided for those with income up to Rs. 5 lakhs. Surcharge is increased for high income individuals and companies.
3) Service tax and customs duty rates remain unchanged while excise duty and import duty are increased on some items like cigarettes, SUVs, mobiles and set-top boxes.
4) Measures to boost investment in infrastructure like infrastructure
The document provides an overview of key highlights of the Direct Tax Code 2009 proposed by the Government of India. Some of the major changes proposed include lowering of corporate tax rates, introduction of a minimum alternate tax on gross assets for companies, expansion of the scope of business income and international taxation, rationalization of capital gains tax and introduction of an advance pricing agreement mechanism for transfer pricing. It also proposes moderation of individual tax rates and moving certain savings schemes to an exempt-exempt-tax regime.
The document summarizes various tax proposals from the Indian Budget for 2009-2010. It outlines changes to personal income tax rates and the abolition of the 10% surcharge for individuals. For corporations, the tax rate remains unchanged but the MAT has increased. Other taxes like CTT have been abolished while DDT and fringe benefits tax have remained the same. Procedural changes include mandatory PAN requirements. Limits for deductions have been increased for partner salaries, cash payments, and dependent disability. Indirect taxes like service tax have been extended to new services but exemptions have also been introduced.
Union budget 2014 15 - for the common manAmeet Patel
The Union Budget of India always evokes a great amount of interest. This time, it was even more keenly awaited since it was the 1st Budget of the new Modi government. This presentation contains a few important pointers on how the Budget affects the common man.
The Hon’ble Finance Minister presented the NDA Government’s first full-year budget before the lower house of the Parliament. With expectations rocketing sky high on the new Government and with the mandate the Government possesses, it has come up with earnest to unclog the process and put in place a strong foundation for the all new Indian Economy.
In the document attached, we have provided a glimpse of the tax proposals announced in the budget for your reference.
The document outlines key changes in the central excise, customs, and service tax provisions in the Union Budget 2015. Some highlights include:
- The rate of central excise duty has been increased to 12.5% from 1st March 2015.
- Online central excise and service tax registration can now be completed within two working days.
- Time limit for availing CENVAT credit on inputs and input services has been increased from 6 months to 1 year.
- Rate of service tax has been increased to a consolidated 14%. Education cess and SHEC will be subsumed in service tax.
- Basic customs duty has been increased for various goods like metallurgical coke, iron and steel articles
This document has been prepared by the Finance Team of SED for information purpose only of its members residing both in Bangladesh and abroad, on the basis of the publicly available information in the market and own research. This document is not directed to, or intended for distribution to or use by, any person or entity that is citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation . The information and data presented herein are the exclusive property of SED and any unauthorized reproduction or redistribution of the same is strictly prohibited . No part of this report should be copied or used in any other report or publication or anything of that sort without proper credit given or prior written permission taken from the authorized publisher of this report . This disclaimer applies to the report irrespective of being used in whole or in part .
The Finance Ministry presented the new Direct Tax Code Bill, which rolls back many of the radical changes proposed in the original discussion paper. Some key changes include a marginal corporate tax rate reduction to 30%, continuing profit-based MAT at 20%, and increasing certain individual income tax slabs but not as much as originally proposed. Overall the new bill does not introduce major reforms and remains similar to the existing tax system.
This document provides an overview of taxes, specifically income tax. It discusses direct and indirect taxes, how income tax is collected internationally, and key concepts in double taxation treaties. Direct taxes are paid by the party bearing the cost, while indirect taxes are collected from one party but paid by another. Income tax can be collected at the source of income or in the country of residence through tax credits. Double taxation treaties determine which country has the right to tax different types of income like business profits, royalties, and fees to avoid double taxation between countries.
1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
3. The document also explains the difference between direct and indirect taxes, taxation system in India, types of taxation including progressive, regressive and proportional, and income tax computation process.
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
This presentation provides an overview of the Indian tax system, including direct and indirect taxes. Direct taxes include income tax, which is levied on individuals, HUFs, firms, and companies according to different tax slabs. Agricultural income is exempt from tax. Indirect taxes include VAT, service tax, and duties. The presentation discusses tax rates, deductions, advance tax payment, TDS, tax returns, and recent budget proposals including increasing the income tax rebate threshold.
Income from other sources is a residual category that includes any income not covered under other heads. Key types of income covered are dividends, interest, lottery winnings, and cash gifts over Rs. 50,000 (except from relatives). Deductions for expenses incurred to earn such income are allowed under section 57, while section 58 disallows some expenses. Certain income chargeable under this head may instead be charged under business income depending on circumstances. The tax treatment of different types of other income like dividends and lottery winnings is also specified.
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
The document provides an overview of key provisions under the Indian Income Tax Act. It discusses various heads of income like salary, house property, capital gains, and business income. It summarizes important points around deductions available for HRA, interest on housing loans, losses from house property rental, and capital gains from sale of art. The document also discusses key compliance requirements like TDS, advance tax payments, and income tax return filing due dates. It summarizes special provisions for new units in SEZs, additional depreciation, and deductions available for undertakings located in certain states.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
This document provides information on the fiscal policy of India. It discusses the different sources of government receipts including tax revenue, non-tax revenue, and capital receipts. It also discusses the different sources of government expenditure including revenue expenditure and capital expenditure. The document then provides details on the income and expenditure profile of the Indian government and state government of West Bengal for the years 2017-2019. It also discusses concepts related to fiscal policy including the budget, taxation, public expenditure, public debt, and types of taxes in India.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
The key points of the budget are:
1) The fiscal deficit is projected to be 5.2% of GDP for the current year and 4.8% for next year as the government pledges further fiscal consolidation.
2) No change in personal income tax slabs but a tax credit of Rs. 2000 is provided for those with income up to Rs. 5 lakhs. Surcharge is increased for high income individuals and companies.
3) Service tax and customs duty rates remain unchanged while excise duty and import duty are increased on some items like cigarettes, SUVs, mobiles and set-top boxes.
4) Measures to boost investment in infrastructure like infrastructure
The document provides an overview of key highlights of the Direct Tax Code 2009 proposed by the Government of India. Some of the major changes proposed include lowering of corporate tax rates, introduction of a minimum alternate tax on gross assets for companies, expansion of the scope of business income and international taxation, rationalization of capital gains tax and introduction of an advance pricing agreement mechanism for transfer pricing. It also proposes moderation of individual tax rates and moving certain savings schemes to an exempt-exempt-tax regime.
The document summarizes various tax proposals from the Indian Budget for 2009-2010. It outlines changes to personal income tax rates and the abolition of the 10% surcharge for individuals. For corporations, the tax rate remains unchanged but the MAT has increased. Other taxes like CTT have been abolished while DDT and fringe benefits tax have remained the same. Procedural changes include mandatory PAN requirements. Limits for deductions have been increased for partner salaries, cash payments, and dependent disability. Indirect taxes like service tax have been extended to new services but exemptions have also been introduced.
Union budget 2014 15 - for the common manAmeet Patel
The Union Budget of India always evokes a great amount of interest. This time, it was even more keenly awaited since it was the 1st Budget of the new Modi government. This presentation contains a few important pointers on how the Budget affects the common man.
The Hon’ble Finance Minister presented the NDA Government’s first full-year budget before the lower house of the Parliament. With expectations rocketing sky high on the new Government and with the mandate the Government possesses, it has come up with earnest to unclog the process and put in place a strong foundation for the all new Indian Economy.
In the document attached, we have provided a glimpse of the tax proposals announced in the budget for your reference.
The document outlines key changes in the central excise, customs, and service tax provisions in the Union Budget 2015. Some highlights include:
- The rate of central excise duty has been increased to 12.5% from 1st March 2015.
- Online central excise and service tax registration can now be completed within two working days.
- Time limit for availing CENVAT credit on inputs and input services has been increased from 6 months to 1 year.
- Rate of service tax has been increased to a consolidated 14%. Education cess and SHEC will be subsumed in service tax.
- Basic customs duty has been increased for various goods like metallurgical coke, iron and steel articles
This document has been prepared by the Finance Team of SED for information purpose only of its members residing both in Bangladesh and abroad, on the basis of the publicly available information in the market and own research. This document is not directed to, or intended for distribution to or use by, any person or entity that is citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation . The information and data presented herein are the exclusive property of SED and any unauthorized reproduction or redistribution of the same is strictly prohibited . No part of this report should be copied or used in any other report or publication or anything of that sort without proper credit given or prior written permission taken from the authorized publisher of this report . This disclaimer applies to the report irrespective of being used in whole or in part .
The Finance Ministry presented the new Direct Tax Code Bill, which rolls back many of the radical changes proposed in the original discussion paper. Some key changes include a marginal corporate tax rate reduction to 30%, continuing profit-based MAT at 20%, and increasing certain individual income tax slabs but not as much as originally proposed. Overall the new bill does not introduce major reforms and remains similar to the existing tax system.
This document provides an overview of taxes, specifically income tax. It discusses direct and indirect taxes, how income tax is collected internationally, and key concepts in double taxation treaties. Direct taxes are paid by the party bearing the cost, while indirect taxes are collected from one party but paid by another. Income tax can be collected at the source of income or in the country of residence through tax credits. Double taxation treaties determine which country has the right to tax different types of income like business profits, royalties, and fees to avoid double taxation between countries.
1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
3. The document also explains the difference between direct and indirect taxes, taxation system in India, types of taxation including progressive, regressive and proportional, and income tax computation process.
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
This presentation provides an overview of the Indian tax system, including direct and indirect taxes. Direct taxes include income tax, which is levied on individuals, HUFs, firms, and companies according to different tax slabs. Agricultural income is exempt from tax. Indirect taxes include VAT, service tax, and duties. The presentation discusses tax rates, deductions, advance tax payment, TDS, tax returns, and recent budget proposals including increasing the income tax rebate threshold.
Income from other sources is a residual category that includes any income not covered under other heads. Key types of income covered are dividends, interest, lottery winnings, and cash gifts over Rs. 50,000 (except from relatives). Deductions for expenses incurred to earn such income are allowed under section 57, while section 58 disallows some expenses. Certain income chargeable under this head may instead be charged under business income depending on circumstances. The tax treatment of different types of other income like dividends and lottery winnings is also specified.
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
The document provides an overview of key provisions under the Indian Income Tax Act. It discusses various heads of income like salary, house property, capital gains, and business income. It summarizes important points around deductions available for HRA, interest on housing loans, losses from house property rental, and capital gains from sale of art. The document also discusses key compliance requirements like TDS, advance tax payments, and income tax return filing due dates. It summarizes special provisions for new units in SEZs, additional depreciation, and deductions available for undertakings located in certain states.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
The document provides an analysis of key amendments proposed in the Budget 2013 relating to direct taxes, indirect taxes, and other recommendations. Some key highlights include:
- No change in income tax slabs but rebate up to Rs. 2000 for income up to Rs. 5 lakhs. Surcharge increased for high income individuals and companies.
- Commodities transaction tax of 0.01% introduced on commodity derivative sales.
- Additional tax of 20% introduced on buyback of shares of unlisted companies.
- Investment allowance of 15% introduced for new capital investments over Rs. 100 crores between FY14-15.
- Higher deduction limits for health insurance, equity savings schemes, and interest
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document summarizes key points from the Union Budget of India for 2015, including:
- No change in personal or corporate income tax rates. A surcharge of 12% will be levied on incomes over 1 crore INR.
- Measures to curb black money include prohibiting cash transactions over 20,000 INR for immovable property.
- Job creation incentives like deferring the General Anti-Avoidance Rule, tax benefits for REITs/InvITs, and incentives for manufacturing in AP and Telangana.
- Improving ease of doing business by modifying indirect transfer tax provisions and raising the threshold for transfer pricing.
- Benefits for individual taxpayers like raising
The Union Budget for 2012-13 proposed some changes to India's corporate and individual tax rates while also introducing measures to curb black money and increase investment. Key points include:
- Corporate and individual tax rates were largely kept the same, while the MAT rate and DDT rates were unchanged.
- Steps were taken to counter tax avoidance, including the introduction of GAAR and mandatory reporting of foreign assets.
- Investment in infrastructure, agriculture, healthcare and education saw increased allocations. Measures like interest subvention and an opportunity fund for MSMEs were introduced.
- Service tax and excise duty rates were increased to 12% to align with the proposed GST regime and make up for the fiscal
The budget document discusses key aspects of the Union Budget for 2012-13 presented by the Finance Minister. Some key points include:
- Corporate tax rates were kept the same for both domestic and foreign companies. MAT rates and DDT rates were also unchanged.
- The budget proposed expanding the scope of AMT to include all persons claiming profit linked deductions, not just companies.
- Tax rates and slabs for individual taxpayers were largely unchanged, with some new deductions and exemptions introduced.
- Measures were introduced to strengthen the investment environment, including increased allocations for agriculture, MSEs, and infrastructure.
- The budget also contained proposals aimed at curbing black money, such as compulsory
This document analyzes the impact of India's proposed Direct Tax Code on money markets. It presents a mathematical model to estimate changes in money supply under the new code. The model considers 4 levels of impact: 1) increased tax compliance from lower compliance costs, 2) higher disposable income from lower tax rates, 3) potential changes in savings patterns due to tax treatment of withdrawals, and 4) effects of equalizing short- and long-term capital gains tax rates. The analysis aims to estimate changes in money supply factors like tax revenue, disposable income, savings rates, and the money multiplier.
Union budget 2015-16: Deciphering the key Direct and Indirect Tax ProposalsCA VISHAL TAYAL
The budget document discusses several proposed changes to India's direct tax laws:
1. Personal and corporate income tax rates remain unchanged but a new surcharge of 2-5% is imposed. Corporate tax will be reduced to 25% over 4 years. Several deductions have increased including for health insurance and pension contributions.
2. Regulations are changed to provide tax benefits to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) to encourage investment.
3. Rules are clarified regarding taxation of indirect transfers of assets in India to reduce disputes. Several exemptions are added for amalgamations and demergers.
Understanding the New Tax Law: Real EstateCBIZ, Inc.
The document outlines several tax planning opportunities for real estate under the new Tax Cuts and Jobs Act. It notes that the new law allows for a 20% qualified business income deduction, enhances depreciation benefits like bonus depreciation through cost segregation studies, and continues to support 1031 like-kind exchanges for real estate. However, it also imposes new limitations on excess business losses, net operating losses, and the deductibility of business interest expenses. Overall, the real estate sector benefits from tax rate cuts and expanded depreciation but faces tighter rules around certain deductions.
The Finance Minister presented the annual budget which included some tax changes. Key points included:
- Increasing the surcharge rate for individuals earning over Rs. 1 crore and companies earning over Rs. 10 crore from 5% to 10%, raising effective tax rates.
- Taxing share buybacks at 20% like dividends to prevent profit repatriation through buybacks. However, this may impact legitimate restructuring.
- Accepting most GAAR recommendations including deferring it by 2 years but ignoring grandfathering of investments and monetary threshold.
- Increasing withholding tax on royalties and technical fees from 10% to 25%, which exceeds many tax treaty rates.
The budget document summarizes key changes for salaried individuals, taxation of long term capital gains (LTCG), business income, international taxation, and miscellaneous items. For salaried taxpayers, deduction limits for medical expenses and interest income were increased. LTCG will now be taxed at 10% for gains over Rs. 1 lakh. Business income rules were expanded and tax rates increased for large companies. International tax provisions now include a broader definition of permanent establishment and taxing digital businesses based on economic presence in India. Various deductions and exemptions were also introduced or modified.
The budget document provides an analysis of key aspects of the Union Budget 2013 presented by the Finance Minister. Some key points:
1) No changes were made to personal income tax slab rates but a 10% surcharge will be levied on incomes over Rs. 1 crore for one year. Tax rebates and deductions for home loans, donations, and disability insurance were introduced or increased.
2) Excise duties were increased for SUVs, cigarettes and mobile phones but decreased for trucks. Complete exemption was provided for certain agricultural and handicraft products.
3) Custom duties were increased for imported cars, motorcycles, boats and set top boxes but decreased for agricultural products like oats and rice bran.
Tax world reacts to interim budget 2019Radhabajaj987
Who's who of India Tax world reacts to the Interim Budget 2019 presented by the acting FM
Dinesh Kanabar Ketan Dalal sudhir kapadia Gautam Mehra TP Oswal Uday Ved Rohit Jain SUNIL KAPADIA Amit Singhania Pankaj Vasani @Amit Maheshwari Sanjay Sanghvi Tejas Desai Milind S Kothari Rajendra Nayak
The document summarizes key amendments made in the Finance Act 2011 relating to income tax slabs, deductions, exemptions, and tax rates. Some key points include:
- The income tax slabs for individual/HUF taxpayers were increased from Rs. 1,60,000 to Rs. 1,80,000 providing a tax benefit of Rs. 2060.
- The age limit for senior citizens for income tax purposes was reduced from 65 to 60 years and further classified into two categories based on age.
- Deductions under section 80C, 80CCC, and 80CCD were amended and the contribution made under section 80CCD was excluded from the overall deduction limit of Rs. 1,
The key proposals in direct taxes include:
1) Increase in the basic tax exemption limit to Rs. 2 lakh and reduction in tax rates for individual taxpayers.
2) Introduction of tax on unexplained share premium to curb generation of black money.
3) Reduction in threshold limit for TDS on property transactions and life insurance premium to widen the tax base.
4) Continuation of tax incentives for investment in infrastructure, scientific research, skill development, and agriculture.
The budget aims to boost investment in agriculture, social sectors, infrastructure and job creation. Total expenditure is budgeted at Rs. 19.7 lakh crores, with Rs. 10.5 lakh crores from tax receipts. Key tax proposals include increasing tax rebates for individuals earning under Rs. 5 lakhs, expanding presumptive taxation schemes for MSMEs and professionals, and providing tax exemptions for pension withdrawals and annuity funds. Measures also promote affordable housing, resource mobilization for rural development and clean environment, and reducing litigation through tax amnesty and settlement schemes.
India is currently the world's fastest growing economy, with a rising middle class fueling aspirations for growth it is no surprise that investors would be looking to invest in India. India offers a great opportunity with its labour pool, market size, low cost base. There are also challenges in the form of complex tax and regulatory structure and many fold compliances to be taken care of. This presentation aims to guide the investor looking at India and educate them on the options before them.
The document provides an overview of GAAR (General Anti-Avoidance Rules) in India, including its history, implementation in other countries, experiments in India, and the recommendations of an expert committee on GAAR. Some key points:
- GAAR aims to curb abusive tax avoidance without impinging on legitimate tax mitigation. Other countries like Canada, Australia, and South Africa have also implemented anti-avoidance rules.
- The expert committee recommended postponing GAAR implementation by 2 years, tightening the definition of "tax benefit," increasing independence of the approving panel, and grandfathering existing investments.
- The finance minister accepted most recommendations, including postponing implementation and ensuring only arrangements with a main purpose of
The document provides an analysis of key changes in the Union Budget 2013 related to direct taxes, indirect taxes, and service tax. Regarding direct taxes, key changes include deferring GAAR implementation, revising withholding tax rates on royalties and FTS, and imposing surcharges on various incomes above certain thresholds. For indirect taxes, notable changes involve hiking and lowering customs duty rates on certain products. Under service tax, changes include modifying the negative and exemption lists as well as reducing abatement rates for certain services.
Arkay & Arkay is a professional services firm offering multidisciplinary services in taxation, audit and assurance, India entry advisory, risk advisory, and other services to domestic and global businesses. The firm focuses on value optimization for clients through practical and innovative solutions. It aims to be the best in the world in its practice areas and measures itself against global best practices for cost effectiveness, customer service, and timely advice. The firm's professionals are experts in their fields and work together across disciplines to provide high quality, tailored advice. It has deep expertise in the Indian corporate environment and helps foreign businesses set up and manage operations in India.
The document provides details from the Union Budget 2012 across several areas:
1. Key budget estimates include GDP growth of 7.6%, gross tax receipts of Rs. 10.77 lakh crore, and fiscal deficit projected at 5.1% of GDP.
2. Major changes to direct taxes include new common income tax slabs, restrictions on claiming treaty benefits, and the introduction of General Anti-Avoidance Rules.
3. Indirect tax changes saw an increase in central excise duty to 12% and 6% for certain items.
The document summarizes key changes to India's service tax laws as proposed in Budget 2012. Some highlights include:
- The service tax rate has increased from 10% to 12%. Composition rates for certain services have also been revised upward.
- A "negative list" now defines the services exempt from tax, while an "exemption list" consolidates existing exemptions.
- The definition of "service" has been expanded to cover all activities except those in the constitution or negative list.
- Reverse charge and place of provision rules have been amended to provide clarity on tax jurisdiction. Continuous supply services are also addressed.
This document provides a summary of changes to India's service tax regulations under the 2012 Union Budget. Key points include:
- Nearly all services are now taxable under a "negative list" approach, excluding a few specified services.
- Businesses must determine if they need to charge service tax or are exempt. Exemptions include annual turnover below Rs. 10 lakh or providing services on the "negative list".
- The document outlines the definition of taxable services, exemptions for certain sectors like agriculture or education, and a list of "declared services" that are explicitly taxable.
It aims to help businesses understand the new service tax coverage and determine their obligations under the revised regulations.
The document summarizes the key changes to India's service tax laws as proposed in the 2012 budget. Some of the major changes include:
1. The service tax rate has been increased from 10% to 12%. Composition rates for certain services have also been revised upward.
2. A "negative list" has been introduced that specifies services exempt from tax, while a consolidated exemption list broadens some exemptions.
3. The definition of "service" has been expanded to include all activities unless specified otherwise.
4. Rules have been introduced to determine the place of provision of services to clarify taxing jurisdiction.
5. The point of taxation rules have been amended to provide clarity on timing
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The document summarizes the Point of Taxation Rules for service tax in India. Key points include:
- The rules define the point of taxation as the time when a service is deemed provided and determines the service tax rate and payment due date.
- For normal cases, the point is the earlier of the invoice date or payment receipt date. Special cases include rate changes, new services, continuous supplies, and intellectual property services.
- Transitional provisions apply to services completed or invoices issued before April 1, 2011. CENVAT credit rules were also amended regarding accrual-based credits.
The document discusses various proposals and issues related to the Direct Tax Code (DTC) in India. Some key points discussed include:
1) Minimum Alternate Tax (MAT) was proposed to be levied on gross assets but this faced issues for loss making companies, so it was revised to align with the current regime of levying MAT on book profits.
2) The residence criteria for foreign companies was lowered but then revised to a "place of effective management" test. Controlled Foreign Corporation rules were also proposed.
3) Capital gains were proposed to remove distinctions between short and long term and remove indexation but this faced issues, so it was revised to allow deductions or indexation for long term
More from Arkay & Arkay, Chartered Accountants (11)
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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5. Understanding the Budget
The Budget documents presented to Parliament comprise, besides the Finance Minister’s Budget Speech, the following:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Appropriation Bill
D. Finance Bill
E. Memorandum Explaining the Provisions in the Finance Bill, 2011
F. Macro-economic framework for the relevant financial year
G. Fiscal Policy Strategy Statement for the financial year
H. Medium Term Fiscal Policy Statement
I. Expenditure Budget Volume-1
J. Expenditure Budget Volume-2
K. Receipts Budget
L. Budget at a glance
M. Highlights of Budget
N. Status of Implementation of Announcements made in Finance Minister’s Budget Speech of the previous financial year
6. Understanding the Budget(Cont)
• The government is accountable to the Parliament in its financial
management. With the constitutional supremacy of the bicameral
Parliament, especially of the Lok Sabha-, every single financial act is
processed and passed by the representatives of the people.
• However, proposals for the formulation of budget levying taxes,
determining government accounts and expenditures, are prepared by
the Government's Ministries and consolidated in the Ministry of
Finance.
• The Union Budget presented to the Parliament consists of the General
Budget and the Railway Budget, the Demands for Grant, the Vote on
Account, the Supplementary Demands for Grant, the Appropriation Bill
and the Finance Bill.
7. Understanding the Budget(Cont)
• Immediately after the Annual Statement, the Finance Bill is introduced
in the Lok Sabha by the Finance Minister. The Finance Bill is presented
in fulfilment of the requirement under Article 110 (1) (a) of the
Constitution, detailing the imposition, abolition, remission, alteration or
regulation of taxes proposed in the Budget. After passing of the
Appropriation Bill, the Finance Bill is considered and passed by the
Parliament as a Money Bill.
9. Finance Ministers Speech
• To keep this presentation of reasonable length, the actual speech
delivered in the parliament by the Finance Minister has been archived
on our webpage, click here to access the speech.
11. Budget Estimates
• Gross Tax receipts are estimated at ` 9,32,440 crore.
• „ on-tax revenue receipts estimated at ` 1,25,435 crore.
N
• „ otal expenditure proposed at ` 12,57,729 crore.
T
• I
„ncrease of 18.3 per cent in total Plan allocation.
• I
„ncrease of 10.9 per cent in the Non-plan expenditure.
• X
„ I Plan expenditure more than 100 per cent in nominal terms than
envisaged for the Plan period.
• I
„ncrease of 23 per cent in Plan and Non-plan transfer to States and UTs.
• F
„ iscal Deficit brought down from 5.5 per cent in BE 2010-11 to 5.1 per cent of
GDP in RE 2010-11.
12. Budget Estimates
• Fiscal Deficit kept at 4.6 per cent of GDP for 2011-12.
• F
„ iscal Deficit to be progressively reduced to 3.5 per cent by 2013-14.
• „
“Effective Revenue Deficit” estimated at 2.3 per cent of GDP in the Revised
Estimates for 2010-11 and 1.8 per cent for 2011-12.
• A
„ ll subsidy related liabilities brought into fiscal accounting.
• N
„ et market borrowing of the Government through dated securities in 2011-
12 would be ` 3.43 lakh crore.
• C
„ entral Government debt estimated at 44.2 per cent of GDP for 2011-12 as
against 52.5 per cent recommended by the 13th Finance Commission.
14. Direct Taxes
Change Impact
The limit to the first proviso of Section 2 of the More charitable institutions
income tax act, specifying aggregate receipts for can now avail benefits of
charitable purposes has been revised to 25 lakhs relaxed taxation
from the existing Rs 10 lakhs
No Deduction of income in the form of Higher tax outlay for SEZ
dividends from SEZs earned by developers developers
Weighted Deduction on account of section 35 The effort is to increase R&D
(2AA) being sum paid to a National Laboratory spend and get corporate India
or a university or an IIT or a specified person to contribute to growth of
has been increased from 175% to 200% sciences in India. Reduced
tax outlay for donors.
15. Direct Taxes
Change Impact
Benefit of deduction under Section 35 AD has This is in line with the push to
been extended to increase the growth rate. The
businesses engaged in developing and building a housing deduction available for pre
project under a scheme for affordable housing framed by
More charitable institutions
the government of India
to new or existing plants engaged in the manufacture of
can now avail benefits of
fertilizers. relaxed taxation regime.
existing hotels with 2 star and above rating
hospitals with atleast 100 beds for patients
Amounts paid by employers as contributions to
Lower tax outloay for
pension schemes be allowed as deduction under
employers paying for pension
section 36 upto 10% of the salary of the
schemes for employees
employee for the year
16. Direct Taxes
Change Impact
The additional benefit of `20,000 allowed in Salaried individuals can still
respect of subscription of long term save money when investing in
infrastructure bonds has been extended for Infrastructure bonds
another year
Power generation and distribution units can Lower tax bill for power
commence operations upto 1st April 2012 to generation and distribution
avail benefits u/s 80IA units
Tax deduction equivalent to 100% of profits for New blocks licensed after 31st
a period of 7 years under section 80-iB has been march shall be able to avail
extended to blocks licensed under contracts such tax holiday for a period
awarded after 31st March 2011 under the new of 7 years
exploration licensing policy
17. Direct Taxes
Change Impact
The threshold for variation between arms length Since new threshold has not
price and actual price to be revised from 5% been announced there is room
A new subsection 2A has been introduced to for interpretation here.
cover discovery of Transfer pricing transaction,
other than the ones submitted before the TPO Aimed at curbing flow of
New provisions for transactions with persons income from tax havens, this
located in notified jurisdictional areas have been may make life a little difficult
defined governing the taxability of such for existing legitimate
transactions businesses operating with
Interest earned on infrastructure debt funds such persons
referred to in section 10(47) will be taxable at 5% Low tax bill
18. Direct Taxes
Change Impact
Lower rate of 15 per cent tax on dividends Will encourage flow of
received by an Indian company from its foreign income back to India
subsidiary as per newly inserted section 115
BBD
Hike in the rate of MAT under section 115 JB A move to offset some of the
from 18% to 18.5% other sops given and to bring
MAT coverage has been extended to LLP’s things in line with DTC
Tax exemption on the distributed profits of an This had been previously
SEZ shall expire on the 1st of June 2011 announced and hence comes
at no surprise
19. Direct Taxes
Change Impact
Income distributed to unit holders not being Higher rates of taxation for
individuals or HUF shall be taxable at the rate of such funds
thirty percent on income distributed by money
market mutual fund or liquid fund
Tax rate for income distributed by fund other
than money market mutual fund or liquid fund
has also been hiked to 30%
There is a typo in the Budget where-in
We hope this will be clarified
Explanation 2 of section 139 is referred to, this
soon
should instead refer to explanation 1
Misc. changes to assessment procedures
20. Direct Taxes
Change Impact
Exemption limit for the general category of Net savings of ` 2000
individual taxpayers enhanced from ` 1,60,000
to ` 1,80,000
Exemption limit enhanced and qualifying age Age reduced from 65 to 60
reduced for senior citizens
Higher exemption limit for Very Senior Citizens,
Limit of ` 5 lakh announced
who are 80 years or above
Current surcharge of 7.5 per cent on domestic
Lower tax expense for
companies proposed to be reduced to 5 per cent
domestic companies
22. Indirect Taxes
Change Impact
Central Excise Duty to be maintained at No changes
standard rate of 10 per cent
Reduction in number of exemptions in Central
Excise rate structure.
Nominal Central Excise Duty of 1 per cent More expensive items
imposed on 130 items entering in the tax net
Lower rate of Central Excise Duty enhanced
from 4 per cent to 5 per cent
Optional levy on branded garments proposed to
Branded garments to become
be converted into a mandatory levy at rate of
more expensive
10%
Peak rate ofCustom Duty to stay at current level.
23. Indirect Taxes - Agriculture and Related Sectors
Change Impact
Exemptions from Excise Duty enlarged to The finance minister has
include equipments needed for storage and announced a number of sops
warehouse facilities on agricultural produce to encourage the agricultural
Basic Custom Duty reduced for specified industry. There should be a
agricultural machinery from 5 % to 2.5 % positive impact in our opinion
Basic Custom Duty reduced on micro-irrigation
equipment from 7.5% to 5%
De-oiled rice bran cake to be fully exempted
from basic Custom Duty. Export Duty of 10 per
cent to be levied on its export
24. Indirect Taxes - Manufacturing Sector
Change Impact
Basic Custom Duty reduced for various items to Similar to the push on the
encourage domestic value addition vis-à-vis agriculture side, the FM has
imports, to remove duty inversion and tried to give the
anomalies and to provide a level playing field to manufacturing industry a
the domestic industry push as well.
Rate of Export Duty for all types of iron ore
enhanced and unified at 20% ad valorem. Full
exemption from Export Duty to iron ore pellets
Basic Custom Duty on petcoke and gypsum is This will lead to fall in cost of
proposed to be reduced to 2.5% Cement
Cash dispensers fully exempt from basic Should encourage local
Customs Duty manufacture
25. Indirect Taxes - Environment
Change Impact
Full exemption from basic Customs Duty and a These steps all in all should
concessional rate of Central Excise Duty help lower costs for new
extended to batteries imported by entrants and should make
manufacturers of electrical vehicles newer technologies cheaper
Concessional Excise Duty of 10 per cent to and hence ease their adoption
vehicles based on Fuel cell technology
Exemption granted from basic custom duty and
special CVD to critical parts/assemblies needed
for Hybrid vehicles
Reduction in Excise Duty on kits used for
conversion of fossil fuel vehicles into Hybrid
vehicles.
26. Indirect Taxes – Environment (cont)
Change Impact
Excise Duty on LEDs reduced to 5 per cent and These steps all in all should
special CVD being fully exempted help lower costs for new
Basic Customs Duty on solar lantern reduced entrants and should make
from 10 to 5 per cent newer technologies cheaper
Full exemption from basic Customs Duty to and hence ease their adoption
Crude Palm Stearin used in manufacture of
laundry soap
Full exemption from basic Excise Duty granted
to enzyme based preparation for pre-tanning
27. Indirect Taxes – Other Proposals
Change Impact
Scope of exemptions from basic Customs Duty Private art galleries will not
for work of art and antiquities extended to also be able to import artwork
apply for exhibition or display in private art at lower rates. Should open
galleries open to the general public doors to investment in art
Exemption from Import Duty for spares and Lower cost for ship owners
capital goods required for ship repair units
extended to import by ship owners
Concessional basic Custom Duty of 5 per cent
and CVD of 5 per cent available to newspaper
establishments for high speed printing presses
extended to mailroom equipment
28. Indirect Taxes – Other Proposals(cont)
Change Impact
Jumbo rolls of cinematographic film fully
exempted from CVD by providing full
exemption from Excise Duty
Factory built ambulances provided concessions Manufactureres like TATA
from excise duty and Force are the main
gainers as their sales/margins
should hopefully improve
30. Service Tax
Change Impact
Standard rate of Service Tax retained at 10 per
cent
Hotel accommodation in excess of ` 1,000 per Expect Hotel stays and eat
day and service provided by air conditioned outs to become more
restaurants that have license to serve liquor expensive
Factory added under the service tax umbrella
Tax on all services provided by hospitals with 25 Clearly a move to tax the
or more beds with facility of central air specialty hospitals serving the
conditioning rich
Service Tax on air travel both domestic and
international raised
31. Service Tax (cont)
Change Impact
Services provided by life insurance companies
in the area of investment and some more legal
services proposed to be brought into tax net
All individual and sole proprietor tax payers A major relief for small
with a turn over upto ` 60 lakh freed from the business owners as they no
formalities of service tax audit longer have to get service tax
audits done on an annual
basis
33. ABOUT US
• Arkay & Arkay Chartered Accountants (Arkay & Arkay) is a premier full
services firm, providing quality Tax, Assurance and Advisory services to
stalwarts of the Indian Industry.
• We at Arkay & Arkay, strive to help our clients and our people in attaining
their goals and exceeding their potential. Our team is a mixture of youth and
experience possessing the energy and enthusiasm of a start-up and the maturity
that being in the business for over 30 years brings.
• Arkay & Arkay are advisors in thick and thin, while we serve industry giants
our Entrepreneur’s Cell ensures that help is available for the bright stars of the
business world while they are still in the fledgling state.
• Our Entrepreneur’s Cell provides help from the very inception of the business,
assisting in fleshing out the business plans, providing guidance through the
process of incorporation, aiding in securing the requisite capital while
simultaneously assisting in business management through its growth.
• Arkay & Arkay shall help the client navigate the troubled seas that the Indian
legal and compliance system while ensuring that the client can stay focused on
its business objective. We help you mind your own business.
35. OUR TEAM
• Our team of Chartered accountants, Company Secretaries, MBA’s and Lawyers
is determined to help you leverage your business to help it grow and to attain
the lofty heights of success. We provide a suite of services in the realms of
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